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Saturday, December 17, 2005

Rosneft wins auction for Siberian oil-and-gas deposit

MOSCOW, December 16 (RIA Novosti) - Russian state-owned oil major Rosneft has won an auction to develop the East Sugdinsk oil-and-gas deposit in Siberia's Irkutsk Region, the company said in a news release Friday. The company offered $260.4 million for the license, the statement said. The license grants Rosneft the right to geological exploration of the deposit for five years and the extraction of mineral resources for 25 years. The deposit's natural gas reserves are estimated at 42 billion cu m, and crude reserves are estimated at 210 million metric tons.

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